Chaarat To Sell Its Kapan Mine To Gold Mining For $54.5 Million
Chaarat Gold Holdings has decided to sell its Kapan mine to Gold Mining Company for $54.5 million. The decision comes amidst escalating operational costs and potential financial setbacks for Kapan. CEO Mike Fraser indicates the move will enable Chaarat to shift its focus to more profitable ventures, notably the Tulkubash open pit project in the Kyrgyz Republic. The sale will reduce Chaarat’s debts by $39 million and bring in $5 million cash. Following the sale, Chaarat will retain two gold projects in Kyrgyzstan, which have a combined annual production potential of over 350,000 ounces of gold.
Source: https://www.mining.com/chaarat-gold-sells-kapan-mine-in-armenia-for-54-5-million/
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